Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Fifth Third Bancorp shares valued at $181,900 were sold by Schramm Jude on Mar 25 ’24. At $36.38 per share, Schramm Jude sold 5,000 shares. The insider’s holdings dropped to 139,422 shares worth approximately $4.85 million following the completion of this transaction.
Also, Leonard James C. sold 26,500 shares, netting a total of over 971,606 in proceeds. Following the sale of shares at $36.66 each, the insider now holds 229,344 shares.
Before that, Lavender Kevin P had sold 15,000 shares from its account. In a trade valued at $501,675, the EVP traded Fifth Third Bancorp shares for $33.45 each. Upon closing the transaction, the insider’s holdings decreased to 15,000 shares, worth approximately $2.89 million.
As published in a research note from Robert W. Baird on April 01, 2024, Fifth Third Bancorp [FITB] has been rated down from an Outperform to a Neutral and the price target has been revised to $32. Analysts at Stephens downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal-weight”‘ outlook in a report released in mid March. As of January 09, 2024, Keefe Bruyette has decreased its “an Outperform” rating to a “Mkt perform” for FITB. Earlier on August 24, 2023, Raymond James initiated its rating. Their recommendation was “a Mkt perform” for FITB stock.
Analyzing FITB Stock Performance
During the last five days, there has been a drop of approximately -2.93%. Over the course of the year, Fifth Third Bancorp shares have jumped approximately 0.87%. Shares of the company reached a 52-week high of $37.41 on 03/28/24 and a 52-week low of $32.29 on 02/13/24. A 50-day SMA is recorded $35.02, while a 200-day SMA reached $29.93. Nevertheless, trading volume fell to 5.25 million shares from 2.84 million shares the previous day.
Support And Resistance Levels for Fifth Third Bancorp (FITB)
According to the 24-hour chart, there is a support level at 34.37, which, if violated, would cause prices to drop to 33.95. In the upper region, resistance lies at 35.44. The next price resistance is at 36.10. RSI (Relative Strength Index) is 43.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.36, which suggests the price will decrease in the coming days. Percent R is at 93.40%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Fifth Third Bancorp subject to short interest?
Stocks of Fifth Third Bancorp saw a sharp rise in short interest on Mar 28, 2024 jumping by 7.97 million shares to 25.61 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 17.64 million shares. A jump of 31.12% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.34 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.34.
